Cryptocurrencies latest news and history organized by date that contains 1000000+ news archives. Click here to read what world was saying about cryptocurrencies. Bitcoin is one of the hottest currency in the world. The cryptocurrency managed to breach the $50,000 mark on Sunday. Mainstream companies are also jumping on the crypto bandwagon. Reportedly, Apple Pay users can also spend their bitcoin through the native app. A report by PhoneArena claims that Bitcoins and few other popular crypto-currencies can … Bitcoin is likely one of the hottest foreign money on this planet. The cryptocurrency managed to breach the $50,000 Morgan Stanley’s chief global strategist says that “regardless of where the price of bitcoin goes next, cryptocurrencies are here to stay as a serious asset class.” He added that bitcoin is making progress towards replacing the dollar as a medium of exchange.
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Apple Pay users can now spend in Bitcoin, other cryptocurrencies
A report by PhoneArena claims that Bitcoins and few other popular crypto-currencies can be used for payment using the Apple Pay app. An app called BitPay allows users to buy Bitcoins as well as use the app’s prepaid Mastercard in the Apple Pay. The BitPay wallet can be added to both Apple Wallet and Apple Pay.
The BitPay wallet app also works with other cryptocurrencies such as Ether, Bitcoin Cash as well as USD Coin, Gemini Dollar, Paxos Standard and Binance USD which are dollar-pegged stable coins.
According to the application’s description on Google Play Store, any user can apply for a BitPay Card to start spending crypto instantly. It claims that approval only takes seconds and the virtual card will be available for immediate use online. The user will also get a physical card will after a couple weeks through which the user will be able to convert their crypto into cash at the ATM or spend it in any retail store. However, this will only be available to users in the United States.
The BitPay app is also expected to roll out support on other prominent payment applications such as Google Pay and Samsung Pay. This will allow a large number of Android users to access the service of the application.
Recently, another major American company Tesla announced that buyers of their electric cars can make the purchase the using bitcoin. The CEO of the company, Elon Musk is also a big proponent of cryptocurrency and also promotes a few through his social media accounts.
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Author: News Bureau
Apple Pay users can now spend in Bitcoin, other cryptocurrencies
A report by PhoneArena claims that Bitcoins and few different fashionable crypto-currencies can be utilized for cost utilizing the Apple Pay app. An app referred to as BitPay permits customers to purchase Bitcoins in addition to use the app’s pay as you go Mastercard within the Apple Pay. The BitPay pockets will be added to each Apple Pockets and Apple Pay.
The BitPay pockets app additionally works with different cryptocurrencies akin to Ether, Bitcoin Money in addition to USD Coin, Gemini Greenback, Paxos Normal and Binance USD that are dollar-pegged secure cash.
In accordance with the applying’s description on Google Play Retailer, any person can apply for a BitPay Card to begin spending crypto immediately. It claims that approval solely takes seconds and the digital card will likely be out there for speedy use on-line. The person may even get a bodily card will after a pair weeks by means of which the person will have the ability to convert their crypto into money on the ATM or spend it in any retail retailer. Nevertheless, this can solely be out there to customers in the US.
The BitPay app can be anticipated to roll out assist on different outstanding cost purposes akin to Google Pay and Samsung Pay. This can enable numerous Android customers to entry the service of the applying.
Just lately, one other main American firm Tesla introduced that patrons of their electrical vehicles could make the acquisition the utilizing bitcoin. The CEO of the corporate, Elon Musk can be an enormous proponent of cryptocurrency and in addition promotes a couple of by means of his social media accounts.
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Morgan Stanley: Cryptocurrencies Here to Stay as Serious Asset Class, Bitcoin Making Progress to Replace Dollar – Bitcoin News
Morgan Stanley’s chief global strategist says that “regardless of where the price of bitcoin goes next, cryptocurrencies are here to stay as a serious asset class.” He added that bitcoin is making progress towards replacing the dollar as a medium of exchange.
Morgan Stanley’s head of emerging markets and chief global strategist, Ruchir Sharma, published a report entitled “Why Crypto Is Coming Out of the Shadows” on the Morgan Stanley website last week.
“Despite the jitters natural in a global pandemic, cryptocurrencies are rapidly gaining popular support as alternatives to gold (a store of value) and the dollar (as a means of payment),” he began. The strategist elaborated:
We see fundamental reasons to believe that — regardless of where the price of bitcoin goes next — cryptocurrencies are here to stay as a serious asset class.
Sharma explained that one reason “is growing distrust in fiat currencies, thanks to massive money printing by central banks.” Another reason is “generational,” as young people view cryptocurrency as an improvement over metal coins. He continued: “The worst knock on cryptocurrency as a store of value is its volatility, but unflinching demand from millennials has helped lower the volatility of bitcoin, even during the pandemic.”
The strategist added that this age group believes “the open-source software behind Bitcoin makes it more transparent, transferrable and trustworthy than paper money printed by governments.” He emphasized that “this crypto-confidence may reach even deeper in emerging markets, where distrust in centralized authority runs high.” Sharma opined:
Governments have been slow to recognize this evolution … Bitcoin is also starting to make progress on its ambition to replace the dollar as a medium of exchange.
When the pandemic hit, the dollar was the world’s preferred reserve currency. However, “led by the Fed, every major central bank has been printing money madly to keep economies afloat during the pandemic, undermining confidence in all national currencies,” he described, adding that 20% of “all dollars in circulation were printed in 2020, and that binge was a huge boost to the appeal of bitcoin.”
The Morgan Stanley strategist detailed:
Today, virtually all bitcoins are held as an investment, not used to pay bills, but that is changing.
“Last year popular payment platforms started accepting bitcoin and other digital currencies, a major step forward in their campaign to challenge the dollar,” he concluded.
Last week, it was also revealed that Elon Musk’s Tesla will start accepting bitcoin as a means of payment for its products in the near future. Furthermore, Paypal and Mastercard are working to allow merchants on their networks to accept cryptocurrencies.
Do you agree with the Morgan Stanley strategist? Let us know in the comments section below.
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